Economic meltdown negatively impacts insurance sector
ability of the insurance sector. The advancement of mining, energy and agriculture are critical to the country’s economy. At the same time, the insurance industry needs to provide robust and sustained solutions for both traditional and alternative risk transfer solutions to protect the expansion,” she says.
But there are other factors limiting the growth of the industry. These include: low level of trust, low income levels; little awareness of insurance; legal and judicial systems as well as lack of human capital and expertise.
“The consumer trust level on the insurance sector needs to be enhanced for it to grow. Trust within the business space where AGCS Africa operates is slightly better as businesses understand the value of insurance a lot more than individual consumers. I encourage the industry to be more open and transparent with clients and more importantly to pay legitimate claims,” says Maïdou, who is originally from Burkina Faso.